这道题为什么要算Deferred Tax Charge呢？NCC李老师上课并没有说要包含啊

问题如下：

Based on Exhibit 1, the 2019 year-end share price of Baldwin was closest to

选项：

A.$13.23 B.$21.73 C.$30.36.

解释：

B is correct. Baldwin’s FFO per share in 2019 was $1.89, and the resulting share price was $21.73. First, calculate FFO per share in 2019, and then apply the year-end P/FFO multiple of 11.5×.

FFO = accounting net earnings, excluding (a) depreciation charges on real estate, (b) deferred tax charges, and (c) gains or losses from sales of property and debt restructuring. 2019 accounting net income: $142,187 2019 depreciation charges: $90,409 2019 deferred tax charges: na 2019 gains on sale of properties (other income): $2,162 2019 shares outstanding: 121,944 2019 year-end price/FFO = 11.5×. 2019 Baldwin FFO per share = ($142,187 + $90,409 – $2,162)/121,944 shares = $1.89. At the given 2019 year-end price/FFO multiple of 11.5×, this results in a share price for Baldwin of $1.89 × 11.5 = $21.73